Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q2 2024 Earnings Presentation
14 slides from Victorias Secret &'s earnings presentation, Aug 28, 2024
Slide 1: Second Quarter Earnings
Second Quarter Earnings August 28, 2024 Second Quarter Earnings August 28, 2024
Slide 2: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 • our ability to successfully operate and expand internationally and related • our geographic concentration of production and distribution facilities in risks; central Ohio and Southeast Asi
Slide 3: Adjusted Consolidated Statements of Income (Thirteen Weeks)
Adjusted Consolidated Statements of Income 1 Thirteen Weeks Ended August 3, 2024 & July 29, 2023 (Unaudited – In millions except per share amounts) 2024 2023 Increase (Decrease) % Increase (Decrease) Net Sales $1,417.2 $1,426.9 ($9.7) (1%) Comparable Store Sales (5%) (14%) Comparable Sales (3%) (11%
Slide 4: Adjusted Consolidated Statements of Income (Twenty-Six Weeks)
Adjusted Consolidated Statements of Income 1 Twenty-Six Weeks Ended August 3, 2024 & July 29, 2023 (Unaudited – In millions except per share amounts) 2024 2023 Increase (Decrease) % Increase (Decrease) Net Sales $2,776.6 $2,834.3 ($57.7) (2%) Comparable Store Sales (6%) (14%) Comparable Sales (4%) (
Slide 5: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) August 3, 2024 July 29, 2023 ASSETS Current Assets Cash and Cash Equivalents $168,703 $130,507 Accounts Receivable, Net 158,045 140,006 Inventories 1,019,231 1,040,420 Other 142,446 166,613 Total Current Assets 1,488,425 1,477,546 Property and E
Slide 6: 2024 Outlook
2024 Outlook (As of August 28, 2024) Third Quarter Full Year Increase low-single digits compared to $1.265 Decrease approximately 1% compared to 2023 Net Sales billion in 2023 excluding the extra week Approximately 34.3% to 35.0%, compared to 2023 Adjusted Gross Margin Rate - rate of 34.3% Approxima
Slide 7: Store Count & Selling Sq Ft – 2024 Forecast
Store Count & Selling Sq Ft – 2024 Forecast Total Beginning of Year New Stores Closures Reconstructions and End of Year Increase / (Decrease) Change in SSF Company-Operated U.S. Store Count 808 14 to 16 (42 to 44) 48 778 to 782 (30 to 26) (4% to 3%) Selling Sq Ft 000's 5,542 78 to 79 (182 to 197) (3
Slide 8: Appendix
APPENDIX Second Quarter Earnings 8 August 28, 2024
Slide 9: Consolidated Statements of Income (Loss) (Thirteen Weeks)
Consolidated Statements of Income (Loss) Thirteen Weeks Ended August 3, 2024 & July 29, 2023 (Unaudited – In thousands except per share amounts) 2024 2023 Net Sales $1,417,193 $1,426,871 Costs of Goods Sold, Buying and Occupancy (915,827) (940,297) Gross Profit 501,366 486,574 General, Administrativ
Slide 10: Consolidated Statements of Income (Loss) (Twenty-Six Weeks)
Consolidated Statements of Income (Loss) Twenty-Six Weeks Ended August 3, 2024 & July 29, 2023 (Unaudited – In thousands except per share amounts) 2024 2023 Net Sales $2,776,635 $2,834,251 Costs of Goods Sold, Buying and Occupancy (1,773,954) (1,845,283) Gross Profit 1,002,681 988,968 General, Admin
Slide 11: Selected Data
Selected Data Thirteen Weeks Ended August 3, 2024 & July 29, 2023 (Unaudited – In thousands) Capital Expenditures 2024 2023 First Quarter $38,521 $54,851 Second Quarter 60,772 89,105 Spring Season $99,293 $143,956 Third Quarter - 79,630 Fourth Quarter - 32,100 Year $99,293 $255,686 Depreciation & Am
Slide 12: Non-GAAP Financial Information
Non-GAAP Financial Information Fifty-Two Weeks Ending February 1, 2025 Forecast & Fifty-Three Weeks Ended February 3, 2024 (Unaudited – In millions) In addition to our results provided in accordance with GAAP, this presentation provides non-GAAP financial measures that present operating income, net
Slide 13: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) Second Quarter Year-to-Date Reconciliation of Reported to Adjusted Gross Profit 2024 2023 2024 2023 Reported Gross Profit - GAAP $501,366 $486,574 $1,002,681 $988,968 % Net Sales 35.4% 34.1% 36.1% 34.9% Adore Me Acqui
Slide 14: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited) Adjusted results exclude the following items: (a) In the second quarter of 2024 and 2023, we recognized pre-tax income of $5.2 million and pre-tax expense of $17.5 million (income of $5.0 million and expense of $15.6 million net of tax benefit of $0.2 milli